>If you're a bourgeois economist, you'd say aggregate wage growth =
>average labor productivity growth. But that isn't happening. Do they
>have something to explain this divergence from the textbook?
I haven't seen anyone address this head on (which doesn't mean, of course, that someone hasn't). I would guess the dodge would be wage growth = productivity growth over the long term. Wall Street economists have been expecting hiring (and ultimately wages) to catch up with productivity ever since the recovery began, but it hasn't happened yet.
Doug